Grid Pattern / Wrinkles
Even a single displacement could work, perhaps, with a specially crafted displacement image, like this:

I just created this in Gimp, quickly but you get the idea.



Note: it has a black border, to displace the squares, and a white/grey pattern to displace the cloth texture. 

When using two separate displacements (two images) you could set their influence separately in Blender, though, with my single image relative displacement weights are set by the image shades (black maximum, grey intermediate, white none).

a quick test: